Administration March 7, 2002

State Street Clears Hedge Fund 'Hurdle'

July 3, 2002 (PLANSPONSOR.com) - State Street has finally found a way in to the hedge fund business, having reached an agreement to acquire International Fund Services, a New York and Dublin-based provider of alternative investment services.
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IFS services over 100 large asset management firms and private equity fund managers, representing more than 350 funds globally, according to the firms. IFS is headquartered in New York City, with operations centers in New York City and Dublin, Ireland, with approximately 500 employees.

“This acquisition marks an important milestone in delivering on two of our key priorities — enriching our relationships with sophisticated global investors and extending our capabilities in alternative investments, including hedge funds,” David Spina, State Street’s chairman and chief executive, said in a statement.

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IFS provides fund accounting and administration as well as trade support and middle office services for alternative investment portfolios.

Spina also noted that State Street will take ownership stakes in service providers specializing in alternative investments, “as they increasingly allocate a larger share of their funds under management to non-traditional investments,” according to the statement.

The transaction is expected to close in the third quarter and have a neutral effect on earnings this year, State Street said.

Products March 6, 2002

Fidelity Expands Stock Option Offering

June 14, 2001 (PLANSPONSOR.com) - Fidelity Investments has expanded its stock option offerings to include full plan administration for plan sponsors seeking help managing their employee stock option plan.
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The new stock option-related services help make options processing easier for employees and include, among others:

  • online educational content and exercises for employees,
  • automated record keeping, and
  • reporting

A key component of Fidelity’s new services are educational resources designed specifically for employees who are participating in a stock option plan. For example, Fidelity provides:

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  • an online resource center and printed materials educate employees to make informed decisions regarding their stock options,
  • convenient online tools that allow employees to view and track grants, model their choices to see potential tax implications and exercise their stock options,
  • a companion Fidelity Account for proceeds from their transactions, and
  • access to Fidelity.com and other company informational tools and resources, including employee seminars.


Later this year, Fidelity plans to launch further employee stock purchase plan capabilities and introduce further enhancements such as personalized Web views and wireless-related capabilities.

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